RUSSIA EARNED ABOUT $100 BILLION (£82.3 BILLION) FROM OIL AND GAS EXPORTS DURING THE FIRST 100 DAYS OF THE WAR IN UKRAINE
According to the independent Centre For Research on Energy and Clean Air (CREA), revenues have been declining since March as many countries boycott Russian supply, although they are still substantial. It also cautioned about potential loopholes in measures to limit Russian imports. The EU, the United States, and the United Kingdom are among those who have vowed to reduce Russian imports.
However, according to the CREA analysis, Russia made $97 billion from fossil fuel exports in the first 100 days of the Ukraine conflict, from February 24 to June 3.
The European Union accounted for 61 percent of total imports, valued $59 billion. Overall, Russian oil and gas exports are declining, and Moscow’s earnings from energy sales has fallen from a high of well over $1 billion per day in 2007.
However, during the first 100 days of the Ukraine war, earnings outpaced the cost of the conflict, with the CREA estimating that Russia is spending roughly $876 million per day on the invasion. By the end of 2022, the EU intends to prohibit Russian oil shipments by sea, reducing imports by two-thirds. In March, the union agreed to reduce Russian gas imports by two-thirds within a year.
However, it has so far been unable to reach an agreement on an absolute prohibition. Meanwhile, the United States has imposed a total ban on Russian oil, gas, and coal imports.
Russian oil imports will be phased out by the end of the year in the United Kingdom. According to the CREA research, the EU’s proposed oil embargo would have a substantial impact.